LTC 4hr 5/20/19: Plotting our next move in secret.
HEAD AND SHOULDER pattern behold! This time frame has me concerned as well for bulls. We have a clear as day head and shoulder pattern that, if confirmed, would have us looking for our higher low on the weekly for sure. It seems unlikely that this pattern will confirm BUT what will you do if it does? Make a plan for weekly and monthly consolidation because it is becoming likely. So now that I hope you are sufficiently concerned; Our RSI on the 4hr is nice at 47. Our MacD seems like it might reject the bear cross it is facing. I also happen to know we just got a golden cross on the 1 hr (50 sma bull cross the 200 sma) so I think we will reject the bear MacD cross on the 4 hr. Right now, our price is sitting right on top of our previous bullish channel so bulls need to show up to defend this before the bears can complete (not confirm) our head and shoulder pattern. If that pattern completes, we will likely have a fair number of people step back just in case the pattern confirms. Lastly, we have a new overhead resistance trend line that could give us our new upper target. At this point, 113 is looking like a hopium pipe dream but if we negate the head and shoulder pattern, we could reach fomo level 11. For the last day and a half it feels like the bulls and bears have returned to their hideouts to plan their next move.
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